An Overview of Ethereum’s Largest ETH Holders in 2025
As of 2025, Ethereum is not only a dominant force shaping decentralized finance (DeFi) but has also become a major asset for institutions and individual holders alike. Onchain data reveals that the top 10 Ether (ETH) holders now control approximately 83.9 million ETH, equating to around 70% of the total circulating supply.
The Largest ETH Holder: Beacon Deposit Contract
Leading the Ethereum ownership charts is the Beacon Deposit Contract, a cornerstone of Ethereum’s proof-of-stake infrastructure. As of mid-2025, it holds approximately 65.88 million ETH, representing about 54.58% of the total circulating supply of 120.71 million ETH. Each Ethereum validator must deposit a minimum of 32 ETH into this contract to secure the network, ensuring participation and accountability through slashing mechanisms and structured withdrawals.
While essential, some critics argue that concentrating half of Ethereum’s supply in one contract poses systemic risks. A coordinated validator exit or a protocol-level bug could disrupt the ecosystem significantly.
Ethereum on Institutional Balance Sheets
In 2025, institutional players have cemented their role as significant players in the Ethereum ecosystem. Giants like BlackRock and Fidelity are now prominent ETH holders.
- BlackRock’s Ethereum Trust (ETHA): Over 3 million ETH (2.5% of supply), with $9.74 billion in net inflows.
- Fidelity’s Ethereum Fund (FETH): Launched in 2024, managing $1.4 billion worth of ETH.
- Bitwise: Pivoting from Bitcoin to ETH mandates, incorporating staking as a main feature.
These institutions represent a new wave of regulated players who treat ETH as a core treasury asset contributing to decentralized finance. Staking, programmability, and Ethereum’s regulatory clarity have turned the cryptocurrency into a financial and technological powerhouse.
Public Companies Betting Big on Ether
Public corporations are following suit, much like how enterprises have adopted Bitcoin as a treasury asset. Major players include:
- Bitmine Immersion Technologies: Over 776,000 ETH (worth $2 billion).
- SharpLink Gaming: Holding 480,000 ETH (~$1.65 billion), acquired in aggressive moves since 2024.
- BTCS: Retains 70,028 ETH (~$275 million) while focusing on providing staking services.
These entities cite Ethereum’s versatility in DeFi, along with clarity provided by regulatory measures such as the GENIUS Act, to justify their long-term Ether commitments.
Individual Whales Still Hold Significant Stakes
Among individuals, Ethereum co-founder Vitalik Buterin reigns supreme, with an estimated 250,000–280,000 ETH (valued at $950 million). Fellow Ethereum co-founder Joseph Lubin holds approximately 500,000 ETH ($1.2 billion), though official confirmations are lacking. Other notable figures include Cameron and Tyler Winklevoss, estimated to personally hold between 150,000–200,000 ETH.
One fascinating story is Rain Lõhmus, an early investor who purchased 250,000 ETH during Ethereum’s 2014 ICO but lost his private key. Those untouched funds, valued at nearly $900 million, remain immovable onchain.
How to Track Ethereum Ownership
Tracking Ethereum ownership has been made easier with analytical tools such as:
- Nansen’s Token God Mode: Maps wallet clusters, tracking token flow and identifying wallet behaviors.
- Dune Analytics: Provides dashboards to distinguish externally owned accounts (EOAs) from smart contracts.
- Etherscan: Tags wallets based on transaction history for greater transparency.
Despite these tools, certain ownership patterns remain unclear due to cold wallet fragmentation or privacy techniques employed by holders.
Did You Know?
One of the oldest untouched Ethereum wallets, likely originating from Ethereum’s 2014 ICO, still holds 250,000 ETH. For nearly a decade, this wallet remains unmoved, earning it legendary status among crypto enthusiasts.
Get Started With Ethereum
Interested in Ethereum and not sure how to start? Consider purchasing Ethereum through trusted platforms or exploring staking services to earn passive income. For example, you can purchase ETH on platforms like Coinbase or stake it through services like Lido Finance, which offers secure and user-friendly staking solutions.
Disclaimer: Always conduct thorough research and seek professional advice before investing in cryptocurrencies. This article is for information purposes only and does not contain investment advice.